The Following Information Is Provided for Bold Company for the Year

Multiple Choice

The following information is provided for Bold Company for the year 2019: • Preferred stock,6%,$50 par value,1,000 shares issued and outstanding
• Common stock,$100 par value,2,000 shares issued and outstanding
• Dividends in arrears for three prior years (2016-2018)
• Total dividends declared and paid in 2019 were $50,000.
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Assuming the preferred stock is cumulative,what amount of the 2019 dividend declaration for dividends in arrears was recorded with a debit to the Dividends payable account on the date of declaration?

A) $12,000.
B) $3,000.
C) $0.
D) $50,000.